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The UK gilts slumped Friday after witnessing a rise in the country’s first-quarter gross domestic product (GDP), released today.
The yield on the benchmark 10-year gilts, which moves inversely to its price, jumped 3 basis points to 1.09 percent, the super-long 30-year bond yields also climbed nearly 1-1/2 basis points to 1.72 percent while the yield on the short-term 2-year traded nearly 2-1/2 basis points higher at 0.09 percent by 10:00 GMT.
The first estimate of UK GDP for 2016 Q4 showed quarterly growth of 0.3 percent, undershooting consensus expectations. The pace of growth eased sharply from that seen over the second half of 2016, when it averaged 0.6 percent q/q, seemingly drawing a line under the economy’s recent resilience. The annual growth rate picked up to 2.1 percent, the fastest since 2015 Q2, as the soft outturn in 2016 Q1 (0.2 percent q/q) dropped out of the annual calculation.
Meanwhile, the FTSE 100 fell 0.29 percent or 21.12 points to 7,215.55 by 10:10 GMT, while at 10:00GMT, the FxWirePro's Hourly Pound Strength Index remained highly bullish at 125.92 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex
